GreenCell Mobility, a shared electric mobility company, has announced its plan to raise Rs 3,000 crore in debt from REC Ltd. A Memorandum of Understanding (MoU) has been signed with REC to facilitate this funding.
The raised debt will be utilized for various initiatives, including acquiring electric buses and alternative fuel technology buses projects, implementing battery energy storage solutions, and establishing a robust charging infrastructure network.
Under the agreement, GreenCell Mobility and its subsidiaries or ventures operating in the electric mass mobility service sector will be eligible to receive financial support from REC for their related activities over the next five years, until March 2028.
The MoU will not only cover ongoing projects involving electric buses, alternative fuel technology buses, battery energy storage, and charging infrastructure networks but will also apply to any future projects undertaken by GreenCell Mobility.
